After a stunning Bitcoin rally this year, cryptocurrency investors and industry executives told CNBC that they expect the iconic cryptocurrency to hit new highs in 2025.

In December, the world’s largest cryptocurrency broke the $100,000 barrier, setting a new record. This happened after the historic election victory of Donald Trump – who came down with a pro-cryptocurrency political agenda – in November.

Trump’s impending return to the White House has boosted investment sentiment around cryptocurrencies, with many industry executives and analysts expecting him to promote a more favorable regulatory environment for digital assets.

During his election campaign, Trump promised to replace current Securities and Exchange Commission Chairman Gary Gensler, who has taken aggressive legal action against various cryptocurrency companies. Gensler has agreed to retire from the Securities and Exchange Commission in 2025.

Trump also suggested that the US could create a strategic Bitcoin reserve, pooling funds derived from seizures from criminal activities.

Also in 2024, Bitcoin surpassed the 2021 price milestone near $70,000 after the Securities and Exchange Commission gave the green light for the first US ETFs.

The approval of the ETF was widely seen as an important moment for the cryptocurrency as it widens its appeal to more mainstream investors.

The other major moment in 2024 was the halving, an event that takes place every four years and reduces the supply of Bitcoin in the market. This is usually very supportive for the price of Bitcoin.

These developments have helped the industry overcome the narrative of an industry marred by scandals. This was the dominant theme of 2023, as two of the sector’s most prominent figures – FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao – both received prison terms on criminal charges.

This year, Bitcoin has more than doubled in value. The cryptocurrency is widely expected to experience even more positive momentum in 2025 – with several industry analysts predicting a doubling of its value to $200,000.

CoinShares: $80,000-$150,000

James Butterfill, head of research for CoinShares, told CNBC that he sees prices at both the $150,000 and $80,000 levels for Bitcoin in 2025.

Butterfill said that in the long term it would not be “unreasonable” to expect Bitcoin to be worth around 25% of gold’s market share – up from around 10% today. That would equate to a price in the $250,000 range.

But he doesn’t see that happening next year. “The timing is very difficult though and I don’t expect this to happen in 2025, but it will be headed that way,” Butterfill told CNBC.

He said it is “likely” Bitcoin will reach both $80,000 and $150,000 within the year.

Butterfill’s prediction of $80,000, if achieved, will be a result of Trump’s policies not being implemented.

“Disappointment surrounding Trump’s proposed cryptocurrency policies and doubts about their implementation could trigger a major market correction,” Butterfill said.

Next year, Butterfill expects a favorable regulatory environment in the US to be the main driver supporting Bitcoin prices.

In 2023, CoinShares predicted that Bitcoin would reach $80,000 in 2024.

Matrixport: $160,000

Matrixport, a financial services company in the cryptocurrency industry, reported that Bitcoin could reach $160,000 in 2025.

“This outlook is supported by continued demand for Bitcoin ETFs and favorable macroeconomic trends,” Markus Thielen, head of research at Matrixport, told CNBC.

Bitcoin is known to be very volatile with the potential for corrections between 70% and 80% from all-time highs. Thielen said the declines in 2025 will be “less pronounced.”

“Strong institutional support is expected to moderate severe corrections,” Thielen said.

Matrixport predicted in 2023 that Bitcoin would reach $125,000 in 2024.

Galaxy Digital: $185,000

Alex Thorn, head of research at cryptocurrency-focused asset manager Galaxy Digital, sees Bitcoin breaking above $150,000 in the first half of the year and reaching $185,000 in the fourth quarter.

“A combination of institutional, corporate and national adoption will propel Bitcoin to new heights in 2025,” Thorn said.

“Throughout its existence, Bitcoin has appreciated faster than all other asset classes, notably the S&P 500 and gold, and this trend will continue in 2025. Bitcoin will also reach 20% of capitalization of the gold market”.

The company expects that next year will also see five Nasdaq 100 companies and five states add Bitcoin to their balance sheets or state coffers.

Standard Chartered: $200,000

Standard Chartered’s Geoffrey Kendrick sees Bitcoin price doubling. The bank’s head of digital asset research said in a note earlier this month that he expects Bitcoin to reach $200,000 by the end of 2025.

Standard Chartered expects institutional flows into Bitcoin “to continue at or above the pace of 2024” in 2025.

Kendrick said MicroStrategy’s Bitcoin purchases are expected to “reach or exceed 2024 purchases” next year.

Pension funds are also expected to start including more Bitcoin in their portfolios through US spot ETFs next year thanks to expected reforms from the incoming Trump administration.

Carol Alexander: $200,000

Carol Alexander, professor of finance at the University of Sussex, sees Bitcoin possibly reaching $200,000 by 2025.

“I’m more optimistic than ever about 2025,” Alexander told CNBC, adding that Bitcoin’s price “could easily hit $200,000, but there’s no sign of volatility easing.”

“By summer I expect it to be trading around $150,000 plus or minus $50,000.” Alexander clarified that she does not actually own Bitcoin.

Explaining her reasoning, Alexander said supportive US regulation will give Bitcoin a boost, however, the lack of regulation on cryptocurrency exchanges will continue to drive volatility.

Alexander has a track record of correctly predicting the price of Bitcoin. Last year, he told CNBC that Bitcoin would reach $100,000 in 2024, and it did.

Bit Mining: $180,000 – $190,000

Youwei Yang, chief economist at Bit Mining, predicts that Bitcoin will reach a price between $180,000 and $190,000 in 2025 – but is also wary of a possible price drop.

“Bitcoin price in 2025 is likely to see both significant upward momentum and occasional sharp corrections,” Yang told CNBC. “In moments of market shock, such as a major stock market decline, Bitcoin could temporarily fall to around $80,000. However, the overall trend is expected to remain upward.”

Factors behind an expected Bitcoin rally in 2025 include lower interest rates, support from Trump, and increased adoption by institutions.

“Based on these dynamics, I predict Bitcoin could peak at $180,000 to $190,000 in 2025,” Yang said.

Nevertheless, Yang also expects that the coming year will also bring a number of “corrections” for the price of Bitcoin.

Downside risks include US-China tensions, global capital market disruptions, possible unexpected restrictive measures and potential delays in the Fed’s rate-cutting cycle.

Last year, Yang predicted that Bitcoin would reach $75,000 in 2024.

Maple Finance: $180,000 – $200,000

Sid Powell, CEO and co-founder of funding platform Maple Finance, sees a price between $180,000 and $200,000 for Bitcoin by the end of 2025.

One factor Powell sees increasing the price is the forecast of a strategic Bitcoin reserve in the US.

Nexo: $250,000

Elitsa Taskova, a senior executive at the Nexo platform, is more optimistic about Bitcoin’s prospects for 2025.

“We see Bitcoin more than doubling to $250,000 within a year,” Taskova told CNBC, adding that in the long term — meaning over the next decade — she sees the entire cryptocurrency market cap surpassing that of gold.

“These predictions align with current trends and social indicators: growing recognition of Bitcoin as a reserve asset, more Bitcoin-related exchange-traded products (ETPs), and stronger adoption,” Nexo’s chief product officer said.

Supportive macroeconomic conditions, such as easing monetary policy by the world’s major central banks, are likely to give Bitcoin a boost, he added.